WTI Crude Oil (current price: $49.59)
Oil continued to rally on Friday following Thursday’s pullback, and the commodity is still inside a consolidation pattern after hitting $52 in early June. The $47 support held oil during the Brexit panic and that could mean that new highs are ahead. WTI Crude is trading right at the long-term advancing trend line with the now rising 200-day MA providing further support near $41.25. Resistance is ahead at $50 and $51.50, but given the slowly improving fundamental picture, the $55 level could also be in play.
Our assessment: Oil is trading in a short-term flag pattern inside a strong uptrend, and a re-test of last month’s highs is likely this week.
